I think you can achieve that by apply the BadTV 3-Weak preset to your text. Duplicate the text twice and then apply a shift channel to each layer. Set one layer to Full Red(other 2 layers full off)/ Layer 2 to Full Green(other 2 off), then Layer 3 to Full Blue(other 2 Full off). Now set the top to layers to screen.
Maybe add a blur to round off the edges, turn off the noise effect. Now if press EE for each layer you will see there is an expression. If you change the number that time is divided by, you will get a close approximation of what you are trying to achieve.
The tricky part is that you want to be able to keyframe in and out of the effect. I would make a control layer, add the necessary expression controls and link the layers to them, so I can keyframe everything from the controls to start and stop the effect.
I made a simple project, and added a controller and expression for the wave effect-so that it fades up and down. So you can take a look and see if this helps you get started.
7848_screenshot20140810at2.03.24pm.png.zip
Johnny Cuevas, Editor
Thinkck.com
“I have not failed 700 times. I have succeeded in proving that those 700 ways will not work. When I have eliminated the ways that will not work, I will find the way that will work.”
—THOMAS EDISON on inventing the light bulb.